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this post was submitted on 12 Sep 2023
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Your saying just cut out the process of converting or gentrifying altogether? What is the point of building homes for the rich when it's the poorest that need it the most. I agree we still need high end homes for high end earners but they're already in a great position and don't need, but rather want, more property. Maybe there should be a cap or heavy tax on owning multiple properties.
How do you do that? Let's say I buy a run-down house, spend 2 years dumping a bucket of money and sweat into it to make it into a nice place, and then sell it. That house is now converted and gentrified. That kind of "flip the house I live in" is how a lot of people got started into playing the housing market. And at slower pace that's just the normal process of how normal non-investment houses function as they go crazy-high in value, without even involving "investors".
How do you ban that? And more to the point why would you want to?